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| Author: | Burdekin, R. C. K. Burkett, P. |
| Title: | Monetary accommodation of income claims and the expectations-augmented Phillips curve: in search of a stable policy rule |
| Journal: | Weltwirtschaftliches Archiv
1988 : VOL. 124:1, p. 169-177 |
| Index terms: | PHILLIPS CURVE MONETARY POLICY RATIONAL EXPECTATIONS |
| Language: | eng |
| Abstract: | Friedman (1968) and Lucas (1972) implied first that in the absence of long-term labour contracts or other rigidities there is no exploitable trade-off between inflation and unemployment, because systematic policy is anticipated. The paper incorporates in this theory autonomous wage and profit claims (beyond passive adaptation to inflationary expectations). It turns out that higher growth of autonomous claims may be exactly offset by reduced validation rate of monetary expansion so that unemployment remains unchanged. |
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